Cryptocurrency, in particular Bitcoin, has become an increasingly popular payment method in online poker, online casinos, and online sports betting. A lot of the top websites in these industries are now accepting crypto as a valid payment method.
The following article will look at how Bitcoin has become such a popular payment method and whether that is set to continue in the world of online poker.
Bitcoin in Gambling
The most prevalent cryptocurrency, Bitcoin, has only existed since 2009 and wasn’t instantly used as a payment option on online gambling sites. The first examples of Bitcoin being used in online gambling came in 2013. The trend-setting poker sites accepting Bitcoin paved the way for other websites in the online casino and sportsbook industries to jump on board. Since then, Bitcoin has become so popular within the gambling industry that some online casinos have based their brands solely around offering the payment option.
Needless to say, Bitcoin is not the only cryptocurrency in existence and isn’t the only one involved in online gambling. You will likely find that many platforms accept the likes of Ethereum, Litecoin, and Dash among other cryptocurrency payment options. The trend continues to welcome more cryptocurrencies into the fold with more and more platforms accepting them, particularly Bitcoin.
Will Bitcoin’s Popularity Grow Further?
There is very little if anything to suggest that Bitcoin’s growing importance in the gambling industry will diminish. The biggest hurdle in the way is government regulations, but this can be complex.
Heavily regulated states and countries are very protective over online gambling. Often, gambling is a source of income for the state and, as such, there are many rules and restrictions. In these areas, Bitcoin is unlikely to become overly popular especially when players have access to a larger array of payment options.
If you’re looking for an online poker platform or online casino that accepts Bitcoin, be sure to check out Kasinonetti. They provide lots of information to help pick the best platforms to suit you whether they accept Bitcoin or not.
Unregulated markets are the main hub for Bitcoin users so whilst these remain as such, Bitcoin is only likely to become more popular. As things stand, most people are still yet to use the cryptocurrency so there is a largely untapped market that could adopt the decentralised currency for gambling purposes.
On the other hand, many of these people are entirely comfortable using payment options like e-wallets and debit cards. In these cases, transitioning to Bitcoin may be slow and difficult.
Why is Bitcoin Becoming More Popular in the Poker and Gambling Industry?
There is nothing to indicate that Bitcoin is going to become any less popular in the world of poker and online casinos. The fact that the currency is decentralised is a huge plus point for operators as governments have no direct control over the currency. As such, banks cannot block Bitcoin transactions as they have no power over them.
Another advantage that Bitcoin and other cryptocurrencies have over traditional payments is the lack of processing fees. This means that operators do not need to pay the same fees than they would with a debit card transaction, for example. These savings often extend to the player who will likely have to pay less as a result.
The growing popularity of cryptocurrency means that this is a great angle for any new poker or casino platform to attract new customers. Many players are keen to use Bitcoin to gamble so it is in operators’ interests to provide this option to their players. The rise in notoriety only pushes more platforms to adopt the payment method making it more and more mainstream. Any website that doesn’t accept cryptocurrency is thus cutting off potential players.
How Can I Find a Bitcoin Poker Site?
Finding a poker website that offers Bitcoin as a deposit method isn’t difficult at all these days. The vast majority of top sites will have Bitcoin as an option but if you’re struggling, Kasinonetti is a great website to help you out, as mentioned earlier.
Above all else, make sure that any platform you do pick is licensed by a reputable authority. You will be able to see this at the bottom of the website’s home page and can also view user reviews to see what other people have to say. Never give away personal details or make a deposit with a website you aren’t 100% convinced by.